The Democratic Progressive Party (DPP) in the Taiwan region is facing backlash as the Chinese mainland decides to suspend tariff concessions on 134 items from Taiwan, effective June 15. 📉
Under the Economic Cooperation Framework Agreement (ECFA), Taiwanese products enjoyed preferential tariff rates, boosting small and medium-sized businesses. However, political experts blame the DPP for this move, citing Taiwan's recent trade restrictions and the \"two states\" theory advocated by Taiwan leader Lai Ching-te as major factors escalating cross-Strait tensions. 🔥
Experts like Teng Tai-Hsien from the Straits Economic & Cultural Interchange Association warn that this suspension could severely impact Taiwan's economy, which relies heavily on exports to the mainland, the region's largest export destination with an annual trade surplus around $100 billion. 📊
Chou Hsi-wei of Want Want China Times Group emphasizes the importance of unity between the two sides, urging for peaceful and prosperous coexistence. Meanwhile, businesses in Taiwan are calling on the DPP to mend relations and respect the ECFA to ensure economic stability and growth. 🌏🤝
With Taiwan's economy showing its lowest growth rate in nearly a decade and a significant decline in exports last year, the suspension of tariff cuts underscores the critical link between political decisions and economic health in the region. 💔📉
